CHF

I knew that SNB is buying a lot of Euros, but this piece from DJ shocked me. It clearly redefined the word "commitment" and my understanding of it, and also in how much truble can you get in with "commitment".
I like the part that says" buying Euro, all day, every day"........


The SNB publicly opposes excessive strength in the Swiss franc, but never comments on day-to-day speculation that it has been supporting the euro against the franc. Still, following on from last year's series of aggressive interventions to weaken the franc, traders say that the central bank has been actively buying euros against the franc all day every day for months, seeking to prevent a rapid fall.

Earlier this week, the cost of those efforts became clear when it emerged that the central bank's foreign-currency reserves had soared by CHF78.8 billion ($68 billion) in May alone, taking the total to CHF232 billion.

To put that in context, that monthly accumulation represents around 15% of the entire Swiss gross domestic product. The amount is "of the same magnitude that China was seeing during the height of its campaign last year to stop the yuan breaking out of its range," said Derrick at the Bank of New York Mellon. The surge is bigger than any accumulation by Russia, while Japan's biggest-ever reserve jump was only slightly bigger--a $74 billion rise in April 2008.

To be sure, Switzerland's reserves are dwarfed by China's $2.4 trillion total--the biggest in the world. But they are now bigger than most in Europe; only oil-rich Norway and Russia have a larger hoard. As a proportion of GDP, Swiss reserves are now around the same size as China's, and are twice as large as those in Japan, according to Brendan Brown, an economist at Mitsubishi UFJ Securities International PLC.

The pace of accumulation is key. Analysts agree that without this euro-buying splurge, the 16-country currency would almost certainly now be a good deal weaker against the dollar, where it currently trades close to a four-year low, and against the yen, where it is near to its recent eight-and-a-half-year low.


b.

Entered a bigger long just below 1.3740. Target 1.40.

Yep, watching it now.

But they are being faded!

Wait 1.37 for BNS intervention

eurchf at 1.389...what happened everyone at the SNB on their summer hols...